Charlie Lee, Litecoin 10 years

It’s nice that the founder determined to offer us another chapter of Litecoin‘s story. Let’s tie up unfastened ends and wrap this complete collection with a bow on high. Because it seems, Charlie Lee returned to his job at Coinbase. Was the corporate extra supportive this time round? Plus, as we warned you final time, at one level Lee offered all of his LTC. What had been his causes to try this? Did he have a plan? And, extra importantly, did the plan work? 

Associated Studying | Charlie Lee Sums Up Litecoin’s 10 Years Historical past. Half Two: Exchanges + Betrayal

Study all of that and extra within the concluding chapter of this legendary saga.

Charlie Lee Vs. Coinbase, Spherical Two

After efficiently activating SegWit on Litecoin, Lee returned to his job at Coinbase. Ever the pioneer, this time round he labored from house. The yr was 2016. As soon as once more, “given how profitable the Ethereum launch was,” Charlie Lee tried to get Litecoin listed on Coinbase. “Brian reluctantly agreed to launch on GDAX solely.” The predecessor to Coinbase Professional, GDAX stands for World Digital Asset Trade.

The launch didn’t go as Lee hoped. As a result of there was no launch. “For causes unknown to me, Brian & Fred refused to do a full launch on GDAX & Coinbase like we did with ETH.” Despite the fact that Charlie Lee helped design ETH’s launch, which was a moneymaker for the corporate. To make issues worse, “Fred had refused to let Coinbase maintain any LTC and attributable to battle of curiosity.” Which, if you consider it, could be the rationale Charlie Lee is searching for. Moreover, a battle of curiosity serves as a hyperlink to at this time’s major story.

Because the change had no Litecoin liquidity, Charlie “needed to personally lend Coinbase my very own LTC.” As the next chart reveals, Litecoin was the #four coin on the time. It “virtually matched Etheruem’s and LTC wasn’t even on Coinbase.” Was this a private assault or does the battle of curiosity narrative rings true to you?

So, Charlie resigned. The corporate requested him to remain some time to ease the transition. Just a few months later, with nothing to lose, Lee shot his final shot to attempt to get Litecoin listed on Coinbase’s major website. Surprisingly, Brian Armstrong agreed. 

Litecoin formally launched on Coinbase in Could. On June ninth, Lee left the corporate for good.

The transfer was extraordinarily profitable. Lee estimates that Litecoin made Coinbase over $100M by means of that first year. “Mind even emailed to apologize for what I needed to undergo. He agreed that including Litecoin was tremendous profitable for Coinbase.” Despite the fact that that occurred, in his Twitter thread Charlie went for the jugular. “I assume you’ll be able to blame me for turning Coinbase right into a sh*tcoin on line casino that it’s at this time.” Savage!

LTC value chart for 10/15/2021 on Exmo | Supply: LTC/USD on TradingView.com

The Founder Sells All Of His Litecoin

The story you had been ready for. On the finish of 2017, Charlie Lee offered all of his Litecoin. On the market high. Within the thread, he doesn’t point out a battle of curiosity, however that was the rationale he wielded on the time. These days, Lee says that due to the truthful launch, he didn’t have that a lot LTC. He needed to mine and purchase his share, like all people else. He also says that “Just about each different altcoin had an enormous premine. Even Ethereum had like 70% cash premined.

In response to the founder, these had been his goals:

  1. Take away the concern of a Satoshi stash

  2. Make Litecoin extra decentralized

  3. Align my motivation/incentive to Litecoin adoption versus LTC value rise

On the time, the transfer was controversial, to say the least. Individuals assumed the captain was abandoning the ship. On the market high. Nonetheless, Charlie Lee has spent 4 years main the challenge, centered on Litecoin adoption and “not on the worth of LTC.” Since then, they launched LTCpay, “a self-hosted service provider processing service,” and bank card backed by Litecoin. And so they hosted a “World Litecoin Summit” in September 2018. 

Plus, they sponsored a UFC night time and becamethe Official Cryptocurrency of the Miami Dolphins.” for some time in 2019. By the tip of 2020, PayPal announced Litecoin assist. “PayPal didn’t attain out to me beforehand. Precise there’s no cause they wanted to! Litecoin is a decentralized cryptocurrency in any case. It was truthfully very satisfying to see this occur.

Associated Studying | Charlie Lee Sums Up Litecoin ‘s 10 Years Historical past. Half Three: SegWit Intro

Charlie Lee’s new challenge for Litecoin is fungibility. Learn all about it in this thread. This new characteristic is almost done,”The code is being audited proper now, and we’re very near releasing it. After launch, it can take a while for it to be activated.” Lee expects this to occur in early 2022.

The creator completed his epic thread with these two heartfelt tweets.

Congratulations in your 10th anniversary, Litecoin!

Featured Picture: Litecoin 10 years from this tweet | Charts by TradingView